Picture by John Loo
Closing is a process that concludes with the transfer of title of the home from you to the new owners. By the closing date the buyer’s lawyer will have conducted a search for any recorded documents that affect the deed to the property, such as liens, tax assessments, covenants, conditions, and restrictions. Once the conditions of sale have been met, you will meet with your lawyer, just before the closing date, to sign the required documents that will transfer title of the property to the buyer. Your lawyer will review the statement of adjustments which will summarize all expenses related to the sale. These expenses and adjustments will be deducted from the sale price and the balance will be dispersed according to your instructions. You will give your lawyer two sets of all keys to the property so he/she can hand them to the buyer’s lawyer as soon as title is transferred on the closing date.
The statement of adjustments will include, but is not limited to, the following expenses.
- Commission plus HST owing to the listing company
- Legal fees and disbursements plus HST
- Discharge mortgage fees
- Utility cost adjustments plus HST
- Rent adjustment if the buyer is assuming a tenant
Your lawyer will let you know by the end of the closing date that everything went smoothly. The property is officially closed when the money and keys change hands.
We have travelled a long road together and we will miss your regular contact but we will check in with you periodically to see how you’re doing. We want to be your real estate partners for life so please don’t hesitate to call us if you need help in any way. It will be our pleasure!